The current Saskatoon downtown population is 3,106 individuals according to eHealth Saskatchewan which is down from a high of 3,331 in 2020.
With this limited population base, Saskatoon has struggled to attract a downtown grocery store.
Saskatoon’s beleaguered former Continental Hotel has met with the wrecking ball.
The Continental Hotel had been in in operation since 1967 before they officially closed their tavern in 2007.
It only took a few hours to erase the storied history of the building.
That was advice I received from a client many years ago when I was considering investing in my first commercial real estate property.
I took his advice, partnered with a colleague, bought the apartment building, and had no regrets.
It was the right message, delivered at the right time and have since repeated that same message to clients when the time was appropriate.
As brokers, landowners engage us to provide an opinion of value on development land.
At the same time, those landowners often offer, what is believed to be, comparable land sales within close proximity to the subject property.
What they may not realize is that there could be a whole back story to that supposed comparable land sale that render it incompatible as a sale comp.
Condo ownership can be likened to a long-term personal relationship.
This is probably most relevant in residential examples; your home tends to be more sentimental than your work environment.
You spend a lot of time at work. Due to that time investment into your business you want to do everything to ensure a property will serve you for the long run.
The markets are pricing in five, quarter point interest rate increases in 2022 which will result in commercial mortgage rates ranging between 4 to over 5 per cent.
What will be the consequences of this increase to the commercial real estate investment market?
There are many working parts in offering to purchase or lease a commercial real estate property.
Determining the strategy you will employ in a negotiation, however, can have a big bearing on the outcome.
I can’t handle reading any more news on how the pandemic has decimated the economy.
If you know my background, you aren’t surprised that I have a lot opinions about how media is operating these days.
Overstating the obvious isn’t making anything better, I liken it to reporting on the umpteenth snowstorm this winter.
So I am on a personal mission (at least this week) to report only on the uplifting stories despite the pandemic!
I was a bit off the mark!
One year ago, I predicted that the Saskatoon Industrial vacancy rate would slip under 5 per cent by year end. It was sitting at 5.32 per cent at that time.
We’re just about to release our 4Q 2021 market reports which will show that the average industrial vacancy rate declined by 1.33 per cent to 3.99 per cent.
With a positive net absorption of 42,147 SF quarter over quarter, that rate of decline accelerated after a 1.23 per cent drop that took place over the two previous years.
There has never been a better time to cash-out of your Saskatchewan industrial and retail commercial real estate.
While there is currently demand from owner occupants for office buildings, that demand however is not the same for multi-tenant office due to typically higher vacancy in that particular asset class.